Age of AI - The potential for driving business productivity

Financial Advisory

23 November 2023

AdviceAIFinancial AdvisoryHumanMeeting of MindsproductivityTraining

Expert: Alan Smith, CEO, Capital Asset Management Facilitator: Paul Miles, Founder, Silverback Consultancy


  1. AI can transform front and back-office operations - AI tools can optimise marketing, lead generation, data analysis, portfolio management, workflow, operations, compliance, and other key functions. This can drive major gains in efficiency, capacity and profitability.
  2. Focus should remain on human relationships and advice - While AI excels at automating tasks, the human element remains critical in building trust and providing personalised financial advice. Advisers should utilise AI to augment their abilities, not replace them.
  3. Implementation requires careful planning and change management - Firms must take a strategic approach when adopting AI, including developing policies, identifying use cases, choosing partners, and educating staff. Moving too fast or too slow are both risks.

The discussion covered the transformative impact of AI on the financial advisory industry. Speakers highlighted how AI can automate repetitive tasks and data analysis to free up advisers to focus on high-value services like building relationships and providing personalized advice.

Key points included using AI to generate marketing content and leads at scale, optimise portfolio management, streamline operations and compliance, and provide 24/7 access to financial advice via digital advisers. However, challenges around data privacy, explainable AI, and the human element of advice were acknowledged.

Practical tips for firms getting started with AI like developing policies, auditing processes, identifying use cases and partners, and educating staff were also provided.

Key takeaways:

  • Review processes and identify areas that can be automated or optimised with AI
  • Develop policies for AI and data privacy compliance
  • Audit current data practices and infrastructure
  • Research AI providers/partners tailored to your needs and size
  • Create a plan for implementing AI tools over next 12 months
  • Communicate with staff about how AI will benefit them and the firm
  • Identify staff training needs related to new AI capabilities
  • Track benchmarks like lead volume, client acquisition costs, and revenue per adviser to measure AI impact